The week was marked by concerns about the US economy, which sent markets around the world into a tailspin which even the rather defensive Swiss stock exchange was unable to escape.
After a gloomy week, the SMI fell by a further 1.02% to 11,908 points on Friday.
The biggest weekly losses among SMI stocks were recorded by Zug-based asset manager Partners Group and the luxury goods group Richemont, each of which lost almost 11%. At Partners Group, disappointing half-year figures were largely responsible, while Richemont shares suffered from the slowing economy and fears that the weakness in demand might not just be temporary.
Competitor Swatch also lost almost 8%.
The US labour market report on Friday, which was eagerly awaited by investors, also only provided a short-term recovery. Economists spoke of more or less solid data indicating a turnaround in interest rates in the US which investors had been eagerly awaiting.
More
More
Explainer: how stock market plunges impact Switzerland
This content was published on
Global economic uncertainty heaps further pressure on the Swiss franc.
The report had not confirmed fears that a recession was imminent in the US, said one trader. The data also pointed to a “soft landing” scenario, whereby the US Federal Reserve is likely to initiate a turnaround in interest rates in just under two weeks with a cut of 25 basis points. A cut of 50 points is not yet off the table either.
Adapted from German by DeepL/dos
This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles.
If you want to know more about how we work, have a look here, if you want to learn more about how we use technology, click here, and if you have feedback on this news story please write to english@swissinfo.ch.
Popular Stories
More
Swiss Abroad
Heimatort, sweet Heimatort: the unique Swiss concept of home
As a Swiss Abroad, how do you feel about the emergence of more conservative family policies in some US states?
In recent years several US states have adopted more conservative policies on family issues, abortion and education. As a Swiss citizen living there, how do you view this development?
What factors should be taken into account when inheriting Swiss citizenship abroad?
Should there be a limit to the passing on of Swiss citizenship? Or is the current practice too strict and it should still be possible to register after the age of 25?
Plans materialise for new particle accelerator in Geneva
This content was published on
Preparations for a huge new particle accelerator in Geneva have reached a milestone. After several years of work, a feasibility study for the project has now been finalised.
This content was published on
The value of frozen Russian assets in Switzerland currently stands at CHF 7.4 billion, the Swiss Confederation announced on Tuesday. This represents an increase of CHF 1.6 billion in one year. Additional assets have been identified, according to the State Secretariat for Economic Affairs.
This content was published on
The number of business start-ups in Switzerland accelerated in the first three months of the year, with entrepreneurs being particularly dynamic in Central Switzerland, Basel and Geneva.
Most Swiss authorities want to ban Nazi symbols in public
This content was published on
A majority of Swiss political parties, cantons and associations want to ban the use and distribution of Nazi symbols in public.
This content was published on
French and Swiss armoured and artillery units will train together to strengthen the defence capabilities of the Swiss army.
Harmful substances in particulate matter underestimated: Swiss research
This content was published on
Measurements significantly underestimate the amount of harmful substances in particulate matter, says an international research team under Swiss leadership.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.